I'm not sure how common pure remote is going to be. I see a lot more hybrid, which gives greater flexibility, but still involves being within an hour or two drive of an office.

Furthermore, for people already living in, say, the Bay Area, they probably have friends and/or family there and it's not like the Bay Area is a hellhole so the default for a lot of people is to stay there, in spite of the high housing prices, rather than move to a cornfield in Iowa.